Coronavirus (COVID-19) impact on executive pay
Coronavirus (COVID-19) impact on executive pay

The following Share Incentives practice note provides comprehensive and up to date legal information covering:

  • Coronavirus (COVID-19) impact on executive pay
  • The coronavirus job retention scheme and the Job Support Scheme (JSS)
  • Executive pay considerations under the Coronavirus Large Business Interruption Loan Scheme, the Covid Corporate Financing Facility and the Future Fund
  • Corporate governance and the coronavirus crisis
  • Investment Association’s response to the coronavirus crisis
  • Initial IA guidance—April 2020
  • Updated IA guidance—November 2020
  • Updated IA guidance—February 2021
  • Investment Association outlines shareholder priorities for 2021
  • The Institutional Shareholder Services’ response to the coronavirus crisis
  • More...

Coronavirus (COVID-19) impact on executive pay

The government has announced a number of measures in response to the coronavirus (COVID-19) crisis. For further details, see Practice Notes: Coronavirus (COVID-19) implications for tax lawyers and Coronavirus (COVID-19)—key issues for Corporate lawyers. This Practice Note provides a high level picture of some of the ways that the coronavirus crisis has impacted executive pay and keeps abreast of the changes in guidance released by the government and the main institutional investor bodies. For further information on how the coronavirus crisis has impacted share schemes more generally, see Practice Note: Coronavirus (COVID-19) impact on share schemes.

For further, more general details of the main institutional investor bodies, see Practice Notes: Directors’ remuneration—institutional investor guidelines and Comparison of UK Corporate Governance remuneration principles.

The coronavirus job retention scheme and the Job Support Scheme (JSS)

The Coronavirus job retention scheme (CJRS), announced on 20 March 2020, provides support to UK employers with a grant to enable them to continue paying up to 80% of their employees’ salary not worked (up to £2,500 per employee per month) for those employees that have been ‘furloughed’ during the coronavirus outbreak (backdated to 1 March 2020 and originally available until the end of October 2020 (with, from August 2020, ‘greater flexibility’ for furloughed workers to be able to return to work part-time)) provided that, among other things, those

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